Exclusive | AstraZeneca Made $10 Billion Offer for Rhythm Pharmaceuticals

AstraZeneca AZN 1.92%increase; up pointing triangle recently made a roughly $10 billion offer to buy Rhythm Pharmaceuticals RYTM 28.04%increase; up pointing triangle, according to people familiar with the matter, a deal that would expand its portfolio of rare disease treatments.

The U.K. pharmaceutical giant offered to pay $124 a share for the biotech last month, the people said.

Rhythm specializes in treatments for metabolic conditions and severe obesity. Its shares were trading Wednesday at around $95 apiece, giving it a market value of roughly $6.6 billion.

AstraZeneca expressed interest in Rhythm previously, the people familiar with the matter said.